If you are single, you may be wondering if buying a house is possible and if it is even a good idea. The first part of that question is easy to answer – yes, you can! In fact, about 35% of first-time homebuyers in Canada are single. There are a few extra challenges involved in buying a house with just one wage earner, but it is not impossible.
As for the second part, (whether it’s a good idea), that depends on a number of factors. Your best approach is to secure the services of several professionals who can go over your current situation and walk you through the more complicated parts involved with buying a house. You should include financial, legal and real estate professionals as part of your team.
- Financial – This is going to be your first consideration, as you will need to take a good look at the financial aspect of buying a home to be sure you are ready. A professional will help you determine if your credit rating is strong enough and help you calculate just how much home you can afford comfortably on your own. You do not want to get into a house based on the anticipation of someone to share it with later, at least not from a financial aspect.
- Legal – Along with all the other legal ramifications of buying a house, you will need to learn how to protect your home from future stakes against it should you later become involved in a relationship and want to share your home, but not its ownership, with someone else.
- Real Estate – The third part of your team will be helpful in that they have the expertise to help you through the process of buying a house. If you are interested in buying a house in the Collingwood, ON area, call Ian Hawkins & Cindy Ryerse. Together, we have over 25 years of real estate experience and we have helped thousands of people like you with buying a house.
Choosing a house by yourself can be fun – no bickering over paint colours! Call us today to get started!